The Build Back Better Bill, also known as the Build Back Better Act, is structured to support the middle class and expand the economy. It states that taxes for those with an income under $400,000 will not change. But the funding for this trillion-dollar act needs to come from somewhere. … [Read more]
What is form 5472?
Form 5472 is a United States Taxpayer’s return for: Any U.S. corporation that is at least 25% foreign-owned or Any U.S. corporation that has at least 25% foreign corporation engagement in a U.S. trade or business. If a corporation has at least one direct or indirect foreign shareholder in one… [Read more]
IRS Wants to Look at Your Bank Account
Watch our video below: Why Does IRS Want to Look into Your Bank Account? Personal checking accounts are private individual accounts people use to hold money received. It’s not an account typically investigated or monitored by the Internal Revenue Service (IRS). However, this is changing with a new IRS… [Read more]
How to Respond to IRS Letter CP 2000
What is a CP 2000? Watch our video below: IRS sends audit letters to taxpayers when tax returns and reported data from employers or banks do not match. This specific letter is IRS letter CP 2000. It is not a formal audit letter notice. However, it does notify the taxpayer… [Read more]
What Should You Pay for a Tax Attorney?
How much should you pay for a tax attorney? It depends on the issue you’re facing. If you’re a business owner, you can expect to pay a little bit more because these cases tend to have more complicated issues. Sometimes, cases can cost $2,000 to $3,000, but it depends… [Read more]
Article Review: Tougher than IRS? California Franchise Tax Board
California residents and business owners in the state who are audited by IRS have a responsibility to report their IRS audit findings to the California Franchise Tax Board. While IRS will send the results of your audit to the state agency, it is in your best interest to self-report… [Read more]
Tax Liens: What are They and How to Avoid One
The Internal Revenue Services (IRS) works swiftly when taxpayers fail to pay taxes on time, or at all. Failure to pay or late payment of taxes triggers an IRS notification to you or your business of noncompliance, and outlines the necessary steps to rectify that noncompliance. When those warnings are… [Read more]
Top 7 Most Common Questions About IRS Audits
Anytime you file taxes, there is a chance that your tax return might be audited by the Internal Revenue Service (IRS). The agency conducts standard procedures to find any errors or discrepancies among taxpayers. The audit process is meticulous and, should you find yourself under the scrutiny of IRS, will… [Read more]
Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion
In mid-May, the U.S Treasury Department announced that they would require any transfer of $10,000 or more to be reported to the Internal Revenue Service (IRS). This update comes in response to growing concerns with regard to cryptocurrency compliance. While many forms of crypto trading were designed to be hidden… [Read more]
Biden Administration Revokes Employer Friendly Independent Contractor Test
In early May of this year, the Biden Administration officially made the decision to revoke the previously adjusted Trump era ruling on independent contractor classification. Earlier this year, in January 2021, the Trump administration took advantage of the opportunity to implement final changes to the Department of Labor (DOL)… [Read more]
- 1
- 2
- 3
- …
- 12
- Next Page »